Financial Administration is responsible for planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the Diocese.
Other Functions of Financial Administration
The External Functions of the Finance Department
The functions of the finance department can be broadly broken down into external and internal financial management. The external function encompasses the entire range of activities to do with paying the suppliers, vendors, and the other stakeholders who do business with the corporates.
The Internal Functions of the Finance Department
The internal functions of the finance department are similarly important wherein it stars the payroll processing and ensures that employees are paid on time. Indeed, payroll is perhaps the most visible interface that the finance department has with the employees.
Treasury is all about managing the foreign exchange payments and ensuring that the corporate does not lose money due to fluctuations in the exchange rates. Indeed, as those who have received payments in Dollars or Euros would cash them when the exchange rate is favourable. The finance administrator should ensure that he negotiates favourably during the exchange of foreign currency into local currency.